What Does An Auctioneer Do With Two No-Limit Bids?

Coinosaurus

What happens if an auctioneer gets two no-limit mail bids on a single lot? Both clients are very respected in the numismatic community for both their erudtion and pocketbooks.

Now, the "official" auction rules don't allow no-limit bids, but both bidders are very well-established clients with the auctioneer and in fact have done much to support said auctioneer. Refusing either bidder may be a career limiting action.

swhuck

Heritage doesn't accept no limit bids for precisely the reasons outlined in the post.

MarkInDavis

Simply contact both parties and let them know that since there are multiple no-limit bids, they will have to put actual numbers out there.

segoja

doesn't sound realistic to me, but then I would never put a bid in like that

Batman23

<< <i>Simply contact both parties and let them know that since there are multiple no-limit bids, they will have to put actual numbers out there. >>



If in the past they allowed no-limit bids from these bidders then this would be the best option in my opinion.

WTCG

According to their terms and conditions none of the major auction companies accept unlimited amount bids.

The true winner would be the consignor.

coindeuce

If it is a sale which concludes with a floor session, the house should simply tell the two competing parties to physically be present to bid from the floor either personally or by agent. They can duke it out in front of witnesses to the last man standing. Or waving. Or kicking. Or shouting. If one party doesn't show, the advantage automatically goes to the floor bidder. Someone has to stop eventually.

PerryHall

Sounds like the winner of the auction is going to get buried in a coin and the underbidder will be the true winner in this auction.

ricko

This apparent 'rule breaking' scenario should not occur, and an auction house cannot allow it to happen. Cheers, RickO

ColonialCoinUnion

As a follow up question, what would the auctioneer do if a giant dinosaur burst into the room in the middle of the auction?

CaptHenway

<< <i>As a follow up question, what would the auctioneer do if a giant dinosaur burst into the room in the middle of the auction? >>



Feed him the potted palm that has been bidding from the side of the room?

Randoms

<< <i>As a follow up question, what would the auctioneer do if a giant dinosaur burst into the room in the middle of the auction? >>



Get eaten?

erickso1

Flip the coin in question to see who wins.

roadrunner

Just pick a number that exceeds the highest transaction ever for a US coin....or approx $10 MILL. You're 99.999% sure to be the winning bidder.
If the coin happens to be a pop 1 MS68 Walker, then no doubt $10 MILL will take it.....unless the other guy wrote down $11 MILL.

CoinRaritiesOnline

<< <i>Simply contact both parties and let them know that since there are multiple no-limit bids, they will have to put actual numbers out there. >>



What he said.